Lenders and Regulators
To transform how affordable housing is renovated, RetrofitNY is laying the foundation of a self-sustaining market for carbon neutral retrofits. While revolutionizing how multifamily buildings are renovated, the recaptured savings from lower energy and maintenance costs and reduced risk from the volatile fuel market can also revolutionize how these renovations are financed throughout New York State and beyond. In collaboration with financial organizations, we seek to develop innovative approaches to finance retrofits within existing financing frameworks.
One of RetrofitNY’s goals is support lenders in underwriting a substantial amount of projected savings for high-performance carbon neutral building retrofits. Lenders interested in working with demonstration pilots to underwrite projected savings should contact the RetrofitNY program at RetrofitNY@nyserda.ny.gov. Lenders will be expected to underwrite at least 75% of projected savings to help facilitate pilot projects. Interested lenders will be added to NYSERDA’s secure SharePoint platform where Qualified Building Owners and interested lenders will be able to engage each other in deal structuring
Benefits to Financial Institutions Include:
- New products and services for existing clientele in a growing sector
- Access to a large pool of borrowers with lower default risk due to reduced energy costs, simplified building operating systems, and reduced dependence on volatile energy sources
- More options for sustainably minded or socially conscious investors